Invenomic Capital Management LP Cuts Position in Zoom Communications, Inc. $ZM

Key Points

• Invenomic Capital Management LP reduced its ownership in Zoom Communications by 22.5%, now holding approximately 0.07% of the company, valued at $16.5 million.
• Other institutional investors, such as Principal Financial Group Inc. and Cambridge Investment Research Advisors Inc., have increased their stakes in Zoom, highlighting continued interest in the company.
• Zoom's stock is currently rated mostly as a "Hold," with a consensus target price of $90.30, while analysts have varied in their target price estimates, with Rosenblatt Securities raising theirs to $110.00.

Invenomic Capital Management LP trimmed its position in shares of Zoom Communications, Inc. (NASDAQ:ZM - Free Report) by 22.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 224,688 shares of the company's stock after selling 65,238 shares during the period. Invenomic Capital Management LP owned about 0.07% of Zoom Communications worth $16,575,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Zoom Communications by 18.5% during the first quarter. Principal Financial Group Inc. now owns 175,918 shares of the company's stock worth $12,977,000 after buying an additional 27,430 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Zoom Communications by 15.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,928 shares of the company's stock valued at $880,000 after purchasing an additional 1,601 shares during the last quarter. Yousif Capital Management LLC increased its stake in Zoom Communications by 31.9% in the first quarter. Yousif Capital Management LLC now owns 4,453 shares of the company's stock valued at $328,000 after purchasing an additional 1,076 shares during the last quarter. Spire Wealth Management increased its stake in Zoom Communications by 990.6% in the first quarter. Spire Wealth Management now owns 1,396 shares of the company's stock valued at $103,000 after purchasing an additional 1,268 shares during the last quarter. Finally, Circle Wealth Management LLC increased its stake in Zoom Communications by 201.6% in the first quarter. Circle Wealth Management LLC now owns 20,391 shares of the company's stock valued at $1,504,000 after purchasing an additional 13,629 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Aparna Bawa sold 10,528 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $74.78, for a total transaction of $787,283.84. Following the completion of the sale, the chief operating officer directly owned 1,978 shares of the company's stock, valued at $147,914.84. This trade represents a 84.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Herbert Raymond Mcmaster sold 2,000 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $83.00, for a total value of $166,000.00. Following the sale, the director directly owned 7,901 shares of the company's stock, valued at approximately $655,783. This represents a 20.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,542 shares of company stock valued at $6,853,099. 11.51% of the stock is currently owned by company insiders.

Zoom Communications Price Performance

Shares of NASDAQ ZM opened at $82.79 on Friday. The stock has a fifty day moving average price of $75.82 and a 200 day moving average price of $76.47. Zoom Communications, Inc. has a 1-year low of $64.41 and a 1-year high of $92.80. The company has a market cap of $25.05 billion, a PE ratio of 21.84, a P/E/G ratio of 11.75 and a beta of 0.57.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ZM shares. Rosenblatt Securities increased their price target on shares of Zoom Communications from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Bank of America increased their price target on shares of Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Wall Street Zen upgraded shares of Zoom Communications from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 30th. Citigroup raised their target price on shares of Zoom Communications from $84.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, August 25th. Finally, Wells Fargo & Company raised their target price on shares of Zoom Communications from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $90.30.

Zoom Communications Profile

Zoom Video Communications, Inc provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices.

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